MOSCOW, May 31 (RAPSI) – The Moscow Commercial Court has refused to recover 43.5 million rubles (about $700,000) from the former vice-president of the Financial Corporation Otkritie Gennady Zhuzhlev in favor of the bank upon its lawsuit, according to court records.

On April 19, the court rejected Zhuzhlev’s motion to dismiss the bank’s claim without prejudice.

In August 2018, the bank lodged several claims against nine ex-managers including the former senior vice-president of Otkritie Nikolay Yarovoy, ex-board members Yelena Budnik and Tatyana Serebrennikova. The bank sought to invalidate certain deals and recover the money from the defendants.

The court has already dismissed the bank’s demand to collect 40 million rubles (over $600,000) from the former top manager of Otkritie Constantine Chigirev.

On August 29, 2017, the Central Bank of Russia imposed temporary administration in Otkritie Bank. However, it was reported that the bank would continue work in the ordinary course.

Otkritie Bank was founded in December 1992.  It is one of Russia’s top major banks and is a systemically important institution. Otkritie Bank has 364 offices, located in 55 constituent entities of Russia, according to the financial organization’s website.